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CFA Society Toronto and CFA Society Ottawa are proud to host the Local level of the CFA Institute Research Challenge for the 9th year!

The 2017-2018 competition will begin in October 2017.

The CFA Institute Research Challenge is an annual global equity research competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students gain real-world experience as they assume the role of a research analyst and are tested on their ability to value a stock, write an initiation-of-coverage report, and present their recommendations. For more background information about the Research Challenge visit CFA Institute's link below.

CFA Institute’s website.

How it Works

CFA Society Toronto and CFA Society Ottawa are the hosts for the Local level of competition (for any Ontario based schools who wish to participate).

A faculty adviser acts as the link between CFA Society Toronto and CFA Society Ottawa (the local host) and the student team.  The faculty adviser assembles the team and guides them throughout the process.

Each team is assigned an industry mentor who helps them throughout the competition.

The written research reports are submitted to CFA Society Toronto and graded by local industry practitioners. The top four teams advance to the presentation round of the Local level.

A panel of investment professional judges listen and score to the top four teams’ 10-minute presentation which is followed by 10-minutes of questions.

The winning team of the Local level advances to the Regionals competition.

Levels of Competition

2017-2018 RC Tournament Diagram

Local level:

The competition season begins in October.  In Late-October teams must be assembled and the Subject Company will be announced and a mentor assigned.  Written reports are submitted to CFA Society Toronto in Mid-January.  The top four written reports will advance to the Local level of Competition for the presentation round which occurs in Mid-February.  The winner of the Local level is based on 50% presentation and 50% written report.

Regional level:

The winner from the Local level will advance to the Regional level, the Americas, which is hosted by CFA Institute. 

Global level:

The winner from each Regional competition will advance to the Global Final, where one team will emerge as Global champion of the CFA Institute Research Challenge.

Register Your Team

A faculty adviser from your university chooses and organizes a team (3-5 members) for the Local level. One team per university campus is permitted to compete. Students representing a particular campus must attend 80% of their classes at the indicated campus for the current term.

If you have questions about registering or finding a faculty member to sponsor your team, please email awards@cfatoronto.ca or call 416.366.5755 x225.

Applications are due 16 October 2017.

Registration Application

Competition Timeline

Tuesday, October 31, 2016 – 3-4PM
Kick-off conference call with all participating teams.  Subject Company will be officially announced, timelines discussed, rules covered and questions answered.

By Monday, November 6, 2017
For those teams that indicate that they want a team mentor, an industry professional will be assigned to your team by this time. This is also the deadline for teams to indicate to the Society if they've found their own team mentor.  Mentors will register on the CFA Institute online registration page.

Monday, November 13, 2017 by 12PM
Deadline to submit 3 questions to CFA Society Toronto for Subject Company conference call.

Wednesday, November 9, 2017
Deadline date for all team members to complete the official CFA Institute online registration on the CFA Institute website (login required).

Wednesday, November 15, 2017 - Friday, November 17, 2017 (TBD)
Subject Company conference calls. More information to come.

Monday, December 4, 2017 by 12PM
Deadline to submit 2 follow-up questions to CFA Society Toronto for Subject Company’s response.

By Friday, December 15, 2017
Subject Company will respond in writing to each team’s follow-up questions. CFA Society Toronto will email answers to each team.

Wednesday, December 20, 2017
First draft of written report due to mentor (if team has chosen to have a mentor).

Friday, January 19, 2018 by 12PM
Written report due to CFA Society Toronto.

Friday, February 9, 2018
All participating teams will be notified of the judges’ decisions. Top 4 teams will advance to the presentation level of the competition.

Thursday, February 22, 2017 or Thursday, March 1, 2017 (TBD)
Local level presentation competition in Downtown Toronto. More information to come.

Current & Past Winners

2017 Research Challenge winners
2017 Local Winners: University of Waterloo

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